San Francisco commits $175m to Fortress real estate funds
The $24 billion San Francisco City & County Employees’ Retirement System has committed up to $175 million to two real estate funds managed by Fortress Investment Group, according to board meeting documents.
San Francisco committed up to $100 million to Fortress Japan Opportunity Fund IV and up to $75 million to Fortress Real Estate Opportunities Fund III.
Fortress Japan Opportunity Fund IV is a diversified global investment fund. The opportunistic fund will invest in debt secured by properties throughout Asia. Fortress Real Estate Opportunities Fund III is an opportunistic fund that will invest in debt secured by properties globally.
San Francisco City & County has a target allocation to real estate of 17 percent with an actual allocation of 14 percent.